"Noel Frame has proposed a wealth tax that would treat the investment income of the state's most affluent residents as another form of property, subject to the same one percent tax rate that middle-class homeowners pay on their houses."
"Brad Smith, the president of Microsoft, made it his mission to stop the initiative dead in its tracks, raising millions of dollars from the business community to lobby against the tax."
"The proposal became so toxic that Inslee's successor as governor, Bob Ferguson, wanted nothing to do with it, instead instituting painful cuts, including furloughs of state workers."
Noel Frame has spent 15 years advocating for a wealth tax in Washington, targeting the ultra-wealthy amid the state's lack of income tax. Despite the presence of major tech companies, efforts to implement a wealth tax have largely failed. In 2024, Governor Jay Inslee supported the initiative, but opposition from Microsoft’s president, Brad Smith, led to significant lobbying against it. The proposal's unpopularity resulted in cuts to state services under Inslee's successor, Bob Ferguson, who distanced himself from the tax initiative.
Read at www.theguardian.com
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